Portland, OR -- (SBWIRE) -- 08/28/2017 -- Fuel card refers to reloadable prepaid card, which is used for making payment of expenses related to a vehicle such as fuel filling, vehicle servicing, vehicle maintenance, and others. These cards are gaining popularity owing to the benefits offered by them, which include comprehensive reporting for the fleet of corporates that provides real-time expense track of these fleets.

The detailed report includes information such as mileage of vehicles, gallons or liters of fuel used, and vehicle service requirements. In addition, it eliminates manual tasks such as auditing and submission of receipts while profiting the corporate with discounted fuel price offers.

The growth of the fuel card market is driven by the transforming customer experience, owing to rise in adoption of prepaid cards among millennial population. Moreover, increase in preference towards payment digitization and influence of internet of things supplement the market growth. However, lag of innovation within the fuel card product offerings as compared to that of other payment cards restrains the market growth. The benefits and convenience offered by fuel cards is expected to provide opportunities for the market in the years to come.

By Product
- Branded
- Universal
- Merchant

Major companies profiled in the report include Royal Dutch Shell, ExxonMobil, British Petroleum, FleetCor, U.S. Bancorp, Wex Inc., Oilibya, Puma Energy, Engen, and First National Bank.

The global fuel card market is segmented based on product, application, and geography. On the basis of product type, the market is divided into branded fuel cards, universal fuel cards, and merchant fuel cards. Applications covered in the study include fuel refill, parking, vehicle service, toll charge, and other. Geographically, the market is analyzed across North America (U.S., Mexico, and Canada), Europe (UK, Germany, France, and rest of Europe), Asia-Pacific (China, India, Japan, South Korea, and rest of Asia-Pacific), and LAMEA (Latin America, Middle East, and Africa).